Pediatric Medical Device Market Is Expected To Reach Revenue Of USD 70.3 Bn By 2033, At 8.1% CAGR: Dimension Market Research.

New York, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Market Overview

The Global Pediatric Medical Device Market is projected to reach USD 34.9 billion in 2024 and is expected to grow to USD 70.3 billion by 2033, with a CAGR of 8.1%.

The pediatric medical device market is expanding at a constant rate around the world because of a higher requirement for medical equipment for kids. This market consists of cardiology devices, diagnostic imaging devices, respiratory care devices, and neonatal ICU devices for children with chronic diseases including congenital cardiovascular diseases, asthma, and diabetics.

The two technologies which include artificial intelligence and machine learning help improve the performance as well as the safety of the devices, therefore improving the diagnosis and the results of the treatment given to the patients.

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The US Pediatric Medical Device Market

The US Pediatric Medical Device market is projected to reach USD 11.6 billion in 2024 and grow to USD 22.4 billion by 2033 at a CAGR of 7.6%. This growth is precipitated by the incorporation of advanced technologies like artificial intelligence in overseeing pediatric conditions like asthma. Technological advancements and innovations in portable devices & improved funding for pediatric innovations are emerging trends.

Wearable devices and telemedicine are evolving the industry to address specific patient needs with better accuracy and fewer complications; meanwhile, the development of chronic pediatric diseases continues to attract the need for new devices.

Important Insights

• Global Market Value: The global pediatric medical device Market is estimated to be valued at USD 34.9 billion in 2024 and is projected to reach USD 70.3 billion by 2033.
• US Market Value: The US pediatric medical device market is expected to be valued at USD 11.6 billion in 2024 and grow to USD 22.4 billion by 2033, with a CAGR of 7.6%.
• Product Segment: Cardiology is projected to dominate the global pediatric medical device market, holding 24.1% of the market share in 2024.
• End User Segment: Hospitals are expected to lead the end-user segment in the global pediatric medical devices market, holding 36.0% of the market share in 2024.
• Regional Analysis: North America is projected to have the largest market share in the Global Pediatric Medical Device Market, with 39.4% in 2024.
• Global Growth Rate: The market is growing at a CAGR of 8.1% over the forecast period.

Latest Trends

• Integration of Advanced Technologies: Innovations concerning Artificial Intelligence as well as machine learning are crucial in the pediatric medical devices market. Such technologies refine diagnosis and allow real-time analysis of data, which is vital in conditions such as asthma or diabetes. The use of artificial intelligence in anticipating future health risks leads to early action.
• Emphasis on Personalized Medicine: Pediatric care requires an increase in a personalized approach when it comes to treatment procedures. Advancements in engineering, molecular biology, and autonomic technology are making devices that address the genetic and physiological needs of children. They are able to provide specific treatments depending on the child’s condition due to their smart nature.

Pediatric Medical Device Market: Competitive Landscape

The global market for pediatric medical devices is characterized by intense competition from global giants such as Medtronic, Philips Healthcare, GE Healthcare, and Johnson & Johnson which coexist with start-up companies.

It is because these major players particularly allocate large resources toward the development of sophisticated pediatric products. It forces new competition, newcomers bring different technologies to the market.

New solutions are often generated through cooperation with research organizations and clinics. The aspect of product differentiation is central through technology enhancement, diagnostics, wearable technologies, and fewer invasive techniques.

Some of the prominent market players:

• Abbott
• Medtronic PLC
• TSE MEDICAL
• Ningbo David Medical Device Co. Ltd
• Hamilton Medical
• GE Healthcare
• Fritz Stephan GmbH
• Phoenix Medical Systems Pvt Ltd
• Novonate Inc.
• Trimpeks
• Atom Medical Corporation
• Other Key Players

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Pediatric Medical Device Market Scope

Market Analysis

Cardiology is projected to dominate the global pediatric medical device market, holding 24.1% of the market share in 2024. This is driven by the high incidence of congenital heart diseases, affecting about 1% of all newborns. High-tech cardiology devices, such as pulse oximeters, pacemakers, and heart monitors, are essential for accurate diagnosis and efficient management.

Advances in non-invasive methods and real-time monitoring enhance device safety and effectiveness. The emphasis on early diagnosis and targeted treatment ensures cardiology's leading position in the pediatric medical device market.

Pediatric Medical Device Market Segmentation

By Product

• Cardiology Devices
  • Pediatric Heart Monitors
  • Pediatric Cardiac Catheters
  • Pediatric ECG Devices
  • Pediatric Heart Valves
• In Vitro Diagnostic (IVD) Devices
  • Pediatric Blood Glucose Meters
  • Pediatric Genetic Testing Kits
  • Pediatric Infectious Disease Testing Kits
  • Pediatric Urinalysis Devices
• Diagnostic Imaging Devices
  • Pediatric Ultrasound Devices
  • Pediatric MRI Machines
  • Pediatric X-Ray Machines
  • Pediatric CT Scanners
• Anesthesia & Respiratory Care Devices
  • Pediatric Ventilators
  • Pediatric Nebulizers
  • Pediatric Anesthesia Machines
  • Pediatric Respiratory Monitors
• Neonatal ICU Devices
  • Incubators
  • Neonatal Monitors
  • Neonatal Infusion Pumps
  • Neonatal Phototherapy Equipment
• Orthopedic Devices
• Pediatric Orthopedic Implants
• Pediatric Fracture Fixation Devices
• Pediatric Spinal Devices
• Other Product

 By End-user

• Hospitals
• Pediatric Clinics
• Ambulatory Surgical Centers
• Other End Users

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Growth Drivers

• Growth in the Incidence of Pediatric Chronic Illnesses: The rising prevalence of chronic diseases such as asthma, diabetes, and congenital heart disease ensures a high demand for specialized medical products. As there are more children that stay in hospitals for a long period of time, there is a demand for the techniques of diagnosis as well as effective treatments.
• Revolutionary Changes in the Creation of Devices: Advancements in technology have become a force of change in the pediatrics medical field. The latest technologies are defined as miniaturization, wearable and non-invasive, and digital health technology providing real-time and off-site diagnosing.

Restraints

• High Development and Regulating Costs: The key limitations affecting the sector include high costs related to investment in research, clinical trials, and meeting of regulatory requirements. Compliance with regulatory requirements for the safety and effectiveness of the devices intended for children is resource-consuming and might make the market saturation challenging.
• Challenges in Designing Pediatric-Specific Devices: It is very difficult to design devices for children because the physiological and developmental characteristics of children are entirely different from adults. The complications are the aspects like racial characteristics, age, gender, and weight However, these elements may complicate the design process and potentially may slow down the speed of innovations.

Growth Opportunities

• Expansion in Emerging Markets: Currently, opportunities for growth are available in Asia-Pacific, Latin America, and, Middle Eastern emerging markets. This is because, besides the rise in per capita income, expenditure on healthcare as well as investment in healthcare infrastructure creates demand for high-end pediatric medical devices.
• Increased Investment in Pediatric Device Innovation: General R&D investments that increase the development of pediatric medical devices provide new opportunities. As mentioned earlier, public and private are key sources that encourage funding for the development of new technologies required by children in their daily lives and open up new horizons in the market.

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Regional Analysis

North America is projected to lead the global pediatric medical device market, holding 39.4% of the market share in 2024. This is because of the established healthcare systems that are very developed, high healthcare costs, and technological development in the carrying out of healthcare research and development.

The area has modern cardiac centers and specialized clinics that apply modern technologies in treating children. It identifies main industry participants such as Medtronic, Philips, GE Healthcare, and others who spend significantly on research and development. This limits the chances of a situation where a dangerous device is circulating within the market while posing as a medical gadget.

Thus, the focus on preventative measures in the healthcare sector and the high occurrence of chronic diseases in children contribute to the strengthening of dominance by North America in the market.

By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Recent Developments in the Pediatric Medical Device Market

• July 2024: Medtronic introduced an advanced pediatric heart valve with enhanced durability and a minimally invasive implantation process.
• June 2024: Philips unveiled an AI-powered pediatric ultrasound system, providing high-resolution imaging and real-time data analysis.
• May 2024: Boston Scientific developed a pediatric-specific cardiac catheter for minimally invasive heart procedures, offering improved flexibility and precision.
• April 2024: GE Healthcare launched a neonatal MRI machine optimized for NICUs, providing high-definition imaging with low magnetic exposure.
• March 2024: Abbott received FDA approval for a pediatric blood glucose meter designed for accurate and quick readings with minimal blood samples.
• February 2024: Siemens Healthineers introduced a pediatric respiratory monitoring device with advanced alert systems for timely interventions.
• January 2024: Stryker launched a pediatric orthopedic implant system for treating fractures and deformities, tailored to pediatric anatomy.
• December 2023: Cook Medical released a pediatric gastrointestinal endoscope with a smaller diameter and enhanced flexibility.
• November 2023: Johnson & Johnson developed a pediatric anesthesia machine with precise dosing and monitoring capabilities.
• October 2023: Cardinal Health launched a pediatric urinalysis device for quick and accurate detection of urinary tract infections and other renal conditions.

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